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Accepting the risk of starting and running a business |
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A group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product. |
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| Entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle. |
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An internet-based marketing strategy in which a business rewards individuals or other businesses (affiliates) for each visitor or customer the affiliate sends to its Web site.
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Creative people who work as entrepreneurs within corporations. |
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| Specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support. |
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Centers that offer new business low-cost offices with basic business services |
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| A business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size (set by the small business administration) in terms of employees or annual receipts. |
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| A detailed written statement that describes the nature of the business, the target market the advantages the business will have in relation to competition, and the resources and qualifications of the owner(s). |
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Individuals or companies that invest in new businesses in exchange for partial ownership of those businesses. |
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Small business administration (SBA) |
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A U.S. government agency that advises and assists small businesses by providing management training and financial advice and loans.
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Small business investment company (SBIC) program |
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A program through which private investment companies licensed by the small business administration lend money to small businesses.
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People with unsatisfied wants and needs who have both the resources and the willingness to buy. |
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Service Corps of Retired Executives (SCORE) |
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An SBA office with volunteers from industry, trade associations, and education who counsel small businesses at no cost (except for expenses).
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The process used to accomplish organizational goals through planning organizing, leading, and controlling people and other organizational resources.
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A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives
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| A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything works together to achieve the organization’s goals and objectives. |
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| Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization’s goals and objectives. |
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| A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not |
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An encompassing explanation of why the organization exists and where it’s trying to head. |
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An outline of the fundamental purposes of an organization. |
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The broad, long-term accomplishments an organization wishes to attain. |
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Specific, short-term statements detailing how to achieve the organization’s goals |
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A planning tool used to analyze and organization’s Strengths, Weaknesses, Opportunities, and Threats. |
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The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals.
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| The process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done. |
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| The process of setting work standards and schedules necessary to implement the company’s tactical objectives. |
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| The process of preparing alternative courses of action that may be used if the primary plans don’t achieve the organization’s objectives. |
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Choosing among two or more alternatives. |
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| The process of solving the everyday problems that occur. Problem solving is less formal than decision making and usually calls for quicker action. |
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| Listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third column. |
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| A visual device that shows relationships among people and divides the organization’s work; it shows who reports to whom. |
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| Highest level of management, consisting of the president and other key company executives who develop strategic plans. |
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| The level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling |
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| Managers who are directly responsible for supervising workers and evaluating their daily performance. |
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| Skills that involve the ability to perform tasks in a specific discipline or department |
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| Skills that involve communication and motivation; they enable mangers to work through and with people |
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| Skills that involve the ability to picture the organization as a whole and the relationship among its various parts. |
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| A management function that includes hiring motivating, and retaining the best people available to accomplish the company’s objectives. |
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The presentation of a company’s facts and figures in a way that is clear and apparent to all stakeholders. |
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Leadership style that involves making managerial decisions without consulting others. |
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Participative (democratic) leadership |
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Leadership style that consists of managers and employees working together to make decisions. |
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| Leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives. |
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Giving workers the education and tools they need to make decisions |
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| Finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm. |
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| Dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use. |
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Individuals and units within the firm that receive services from other individuals or units. |
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| The situation in which companies can reduce their production costs if they can purchase raw materials in bulk; the average cost of goods goes down as production levels increase. |
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| A system in which one person is at the top of the organization and there is a ranked or sequential ordering from the top down of mangers who are responsible to that person. |
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The live of authority that moves from the top of a hierarchy to the lowest level |
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An organization with many layers of managers who set rules and regulations and oversee all decisions. |
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| An organization structure in which decision-making authority is maintained at the top level of management. |
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| An organization structure in which decision-making authority is delegated to lower-level managers more familiar with local conditions than headquarters management could be. |
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The optimal number of subordinates a manager supervises or should supervise. |
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Tall organization structure
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| An organizational structure in which the pyramidal organization chart would be quite tall because of the various levels of management |
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Flat organization structure |
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An organization structure that has few layers of management and a broad span of control |
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The dividing of organizational functions into separate units |
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| An organization that has direct two-way lines of responsibility, authority, and communication running from the top to the bottom of the organization, with all people reporting to only one supervisor. |
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Employees who are part of the chain of command that is responsible for achieving organizational goal. |
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Employees who advise and assist line personnel in meeting their goals. |
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| An organization in which specialists from different parts of the organization are brought together to work on specific projects but still remain part of a line-and-staff structure. |
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Cross-functional self-managed teams |
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Groups of employees from different departments who work together on a long-term basis. |
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| Using communications technology and other means to link organizations and allow them to work together on common objectives |
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The present moment or the actual time in which something takes place. |
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A temporary networked organization made up of replaceable firms that join and leave as needed. |
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Comparing an organization’s practices, processes, and products against the world’s best. |
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| Those functions that the organization can do as well as or better than any other organization in the world. |
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Young people who have grown up using the internet and social networking |
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Redesigning an organization so that it can more effectively and efficiently serve its customers. |
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| An organization that has contact people at the top and the chief executive officer at the bottom of the organization chart. |
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Organizational (or corporate) culture |
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Widely shared values within an organization that provide unity and cooperation to achieve common goals.
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The structure that details lines of responsibility, authority, and position; that is, the structure shown on organization charts.
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The system that develops spontaneously as employees meet and form cliques relationships, and lines of authority outside the formal organization.
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The personal satisfaction you feel when you perform well and complete goals. |
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| Something given to you by someone else as recognition for good work; extrinsic rewards include pay increases, praise, and promotions. |
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| Studying workers to find the most efficient ways of doing things and then teaching people those techniques |
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| Studies, begun by Frederick Taylor, of which tasks must be performed to complete a job and the time needed to do each task. |
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Principle of motion economy |
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| Theory developed by frank and Lillian Gilbreth that every job can be broken down into a series of elementary motions. |
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The tendency for people to behave differently when they know they are being studied |
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Maslow’s hierarchy of needs |
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| Theory of motivation based on unmet human needs from basic physiological needs to safety, social, and esteem needs to self-actualization needs. |
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| In Herzberg’s theory of motivating factors, job factors that cause employees to be productive and that give tem satisfaction. |
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| In Herzberg’s theory of motivating factors, job factors that can cause dissatisfaction if missing but that do not necessarily motivate employees if increased |
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| The idea that setting ambitious but attainable goals can motivate workers and improve performance if the goals are accepted, accompanied by feedback, and facilitated by organizational conditions. |
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Management by objectives (MBO) |
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A system of goal setting and implementation; it involves a cycle of discussion, review, and evaluation of objectives among top and middle-level managers, supervisors, and employees.
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| Victor Vroom’s theory that the amount of effort employees exert on a specific task depends on their expectations of the outcome. |
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Theory that positive and negative reinforcers motivate a person to behave in certain ways. |
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| The idea that employees try to maintain equity between inputs and outputs compared to others in similar positions. |
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Human resource management (HRM) |
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| The process of determining human resource needs and then recruiting, selecting, developing motivating, evaluating compensating and scheduling employees to achieve organizational goals. |
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| Employment activities designed to “right past wrongs” by increasing opportunities for minorities and women. |
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Discrimination against whites or males in hiring or promoting |
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A study of what employees do who hold various job titles |
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A summary of the objectives of a job, the type of work to be done, the responsibilities and duties, the working conditions, and the relationship of the job to other functions.
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A written summary of the minimum qualifications required of workers to do a particular job. |
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The set of activities used to obtain a sufficient number of the right employees at the right time. |
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| The process of gathering information and deciding who should be hired, under legal guidelines, to serve the best interests of the individual and the organization. |
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| All attempts to improve productivity by increasing an employee’s ability to perform. Training focuses on short-term skills, development on long-term ability. |
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| The activity that introduces new employees to the organization; to fellow employees; to their immediate supervisors; and to the policies, practices, and objectives of the firm. |
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| Training at the workplace that lets the employee learn by doing or by watching others for a while and then imitating them |
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Training programs during which a learner works alongside an experienced employee to master the skills and procedures of a craft
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| Internal or external training programs away from the workplace that develop any of a variety of skills or foster personal development. |
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Training programs in which employees complete classes via the internet. |
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Training done in schools where employees are taught on equipment similar to that used on the job |
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| The use of equipment that duplicates job conditions and tasks so trainees can learn skills before attempting them on the job. |
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| The process of training and educating employees to become good mangers, and then monitoring the progress of their managerial skills over time. |
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| The process of establishing and maintaining contacts with key mangers in and outside the organization and using those contacts to weave strong relationships that serve as informal development systems. |
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| An experienced employee who supervises, coaches and guides lower-level employees by introducing them to the right people and generally being their organizational sponsor. |
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| An evaluation that measures employee performance against established standards in order to make decisions about promotions, compensation, training, or termination. |
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| Benefits such as sick-leave pay, vacation pay, pension plans, and health plans that represent additional compensation beyond base wages. |
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Cafeteria-style fringe benefits |
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Fringe benefits plan that allows employees to choose the benefits they want up to a certain dollar amount. |
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| Work schedule that gives employees some freedom to choose when to work, as long as they work the required number of hours. |
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In a flextime plan, the period when all employees are expected to be at their job stations. |
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Work schedule that allows an employee to work a full number of hours per week but in fewer days. |
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An arrangement whereby two part-time employees share one full-time job. |
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